The U.S. Government has approved the Bipartisan Budget Act of 2018, which includes provision of valuable tax related incentives for investment in alternative-fuels refueling infrastructure and adoption of natural gas, including renewable natural gas, as fuel. The measure was welcomed by NGVAmerica, the U.S. trade association for natural gas and biomethane for transportation, which issued the following press release.
NGVAmerica applauded the U.S. Senate and House for passing, and President Trump for quickly signing into law, legislation that extends the natural gas fuel and infrastructure tax credits retroactively for 2017.
“The bipartisan budget agreement wisely includes provisions aimed to promote the use of clean, domestic natural gas in transportation,” said NGVAmerica President Daniel Gage. “By extending the Alternative Fuels Tax Credit for natural gas vehicles and the Alternative Fuel Vehicle Refueling Property Tax Credit for natural gas refueling stations retroactively for 2017, Congress signals how important clean technology natural gas vehicles are to growing our economy, improving our air quality, and enhancing our energy security while reducing our carbon footprint.”
The legislation includes the Alternative Fuels Tax Credit, which extends the $0.50 per gallon fuel credit for the use of natural gas as a transportation fuel, and the Alternative Fuel Vehicle Refueling Property Credit, which extends the 30 percent/$30,000 investment tax credit for alternative vehicle refueling property.
Natural gas vehicles are powered by American fuel, American technology, and American innovation. No commercially-available heavy-duty powertrain solution runs cleaner than natural gas, and the cleanest heavy-duty truck engine in the world is powered by natural gas.
The natural gas vehicle industry needs certainty and deserves parity with other zero emissions equivalent technologies. NGVAmerica will continue working with Congressional leaders to extend these proven clean air investment incentives for 2018 and beyond.
Source: NGVAmerica – an association affiliated with NGV Global
Sections of the Act specific to natural gas fuel:
- Sec. 40404. Extension of credit for alternative fuel vehicle refueling property.
- Sec. 40415. Extension of excise tax credits relating to alternative fuels.